June 29, 2013 | By Dan Roseman | BTCBible.com
Dan Roseman & Brian Cohen, with Adam B. Levine
A plan is in the works to artificially inflate the price of Litecoin when it is becomes available for trading on Mt. Gox’s improved platform sometime in July. In a post on the Litecoin.net forum, member “Milhouse” (names have been changed to protect the innocent) lays out an elaborate description of how to manipulate supply and demand for Litecoin. Milhouse claims to have implemented similar plans on several other altcoins on BTC-e:
“I brought TRC 1400% up, DVC 600% up, NMC 730% up, NVC permanently 50% up, and contributed to the LTC rise of April 1.”
Milhouse, with more than 3,300 Twitter followers, describes the price manipulation of altcoins as “fun and profitable” but says that manipulating the $50m market cap of Litecoin is, “a much more ambitious opportunity.” He says that he is not looking to make a quick buck (or BTC) but instead wants to “put LTC in the spotlight for good, as a serious competitor to BTC and one of the leading tools in digital commerce.”
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